Mr. Vasileios Madouros:

On the overall capacity constraints that we are seeing in the economy at the moment, as the Deputy mentioned we have seen in recent years in the labour market the imbalance, which is easing, between the demand for and supply of labour. Part of the release valve has been labour coming from abroad. The increase in net migration is filling some of the labour shortages we have had. Increasingly, this means we are seeing capacity constraints in other elements of our infrastructure, including housing and other supporting infrastructure for housing. Our overall advice, as the Governor mentioned, is that within an overall fiscal envelope that does not add too much stimulus to the economy, investment should be prioritised because ultimately that has a positive effect on the supply side of the economy, including into the future.